Catskill Hudson closing Livingston Manor branch

LIVINGSTON MANOR — The Manor will again be a one-bank town on April 30, when Catskill Hudson Bank plans to close its branch in Peck's Market.

Jessica Dinapoli

LIVINGSTON MANOR — The Manor will again be a one-bank town on April 30, when Catskill Hudson Bank plans to close its branch in Peck's Market.

CEO Glenn Sutherland decided not to renew the lease at Peck's because the branch was not meeting "corporate objectives."

For Catskill Hudson, that means having at least $10 million in deposits. The bank was only able to build up a total of $3.7 million at the branch as of June 30, according to the most recent data available from the Federal Deposit Insurance Corp.

The deposits at Peck's Market will be moved to the Youngsville branch less than 10 miles away, Sutherland said.

Catskill Hudson opened a location in the Livingston Manor Peck's five years ago, about the same time it opened branches at outposts of the supermarket in Callicoon and Narrowsburgh. Those spaces had been occupied by Catskill Hudson's rival, Jeff Bank.

Jeff Bank's foothold in the Livingston Manor area is a reason for Catskill Hudson's departure, Sutherland said.

Jeff Bank "has been able to retain more than their fair share of deposits," he said.

Jeff Bank had $32.1 million in deposits at its Livingston Manor branch on June 30, according to the FDIC. That branch is next door to Peck's in a former Bank of America office.

Jeff Bank CEO Wayne Zanetti said the freestanding location is preferable because customers don't have to go into the grocery store.

"Our staff in the Livingston Manor location has very deep roots in the community," Zanetti said. "And we have a lot of loyalty because of that."

As of June 30, Jeff Bank had 31 percent of the market share in Sullivan County, while Catskill Hudson had 20 percent.